Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Australia & Oceania has seen a significant growth in the Travel & Tourism market in recent years.
Customer preferences: Travelers in Australia & Oceania are increasingly seeking unique and authentic experiences, driving the demand for sustainable and eco-friendly tourism options. They are also placing a high value on convenience and personalized services, leading to the rise of digital platforms and mobile applications in the travel industry.
Trends in the market: In Australia, domestic tourism has been a key driver of growth, with more Australians choosing to explore their own country. This trend has been further accelerated by external factors such as the global pandemic, which restricted international travel. Additionally, adventure tourism and nature-based experiences have gained popularity among both domestic and international travelers in countries like New Zealand and Fiji.
Local special circumstances: Australia & Oceania's unique geography and diverse ecosystems offer a wide range of attractions for tourists, including the Great Barrier Reef, the Outback, and Maori cultural experiences. The region's proximity to Asia also makes it a desirable destination for Asian travelers, particularly from countries like China and Japan.
Underlying macroeconomic factors: The strong economic performance of countries like Australia and New Zealand has contributed to the growth of the Travel & Tourism market in the region. Increasing disposable incomes and a growing middle class have made travel more accessible to a larger segment of the population. Additionally, government initiatives to promote tourism and invest in infrastructure have further supported the industry's expansion.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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